- SendFriend taps into the $11 billion yearly remittance business between New Jersey and the Philippines.
- All technicals point towards recovery in the coming sessions on Friday: XRP/USD to stay above $0.4000.
Ripple is struggling to hold on to $0.4000 following the plunge on Thursday. The volatility was so high that $70 billion was wiped off the entire market capitalization in 24 hours. The selloff comes as a correction from the incredible gains experienced in the last couple of weeks. Twice Ripple stepped above $0.5000 stubborn level making an initial high at $0.5159 and later breaking above this level to form a new high at $0.5316 before giving in to the selling pressure on Thursday.
Meanwhile, amid the confusion that came about with the broad-based selloff, a partner of Ripple SendFriend has announced that the much awaited XRP-powered xRapid payments system has been launched. The new product allows faster cross-border remittances that are not only cheap but also simple and secure. The service is live in Jersey and will allow Filipino workers to remit money back to their home country. In turn, SendFriend will be tapping into the $11 billion annually money transfer business.
XRP/USD 1-h chart
Technically, XRP failed to find support at various anchor areas including $0.4600, $0.4400 and $0.4200. In fact, further dips touched $0.3900 allowing the bulls to find balance. $0.3800 major support came out strong for the buyers as the price is currently pivotal at $0.4000.
In the coming sessions on Friday and towards the weekend, investors expect a recovery to be staged according to the current technical picture. MACD has changed direction upwards after dropping to -0.01412 1-h charts. The indicators’ divergence is increasing upwards as a sign of relief to the bulls. The RSI has also recovered and sits above the oversold. The up trending signal means that the bullish momentum is getting stronger.
XRP Key Technical Indicators
Key Support: $0.3800
Critical resistance level: $0.4200 and $0.4800.
MACD 1-h: Increasing divergence signals rising buying pressure.
RSI 1-h: Recovery from oversold and upward pointing movement suggests stronger bullish momentum.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.